Wheat Jumps to Highest Since 2008 as Chinese Crop Faces Drought
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Wheat rose to the highest in more than two years in Chicago as drought threatened crops in China, the world’s biggest grower, and as governments increased purchases to contain inflation and protests.
Wheat has surged 83 percent in Chicago and doubled in Paris in the past year as drought in Russia and floods in Canada and Australia hurt crops. Countries in the Middle East and North Africa are speeding up grain purchases after rising food prices contributed to riots and protests. Now China is facing severe drought in the main winter-wheat growing region.